To qualify for a private loan, you’ll need to attend an eligible school and meet the lender’s age, education or citizenship requirements, as well as credit and income criteria. Undergraduate students usually need to apply with a creditworthy cosigner.
Many lenders let you check your rates with an online prequalification that won’t impact your credit (as opposed to a more in-depth hard credit inquiry). Compare offers from a few different lenders to find the lowest rate for your private student loan.
Information usually needed to get a private student loan
- Credit history
- Valid ID
- Social Security number
- Employment and income verification
- Tax documents
- Bank account and asset details
- Debt or payment obligations
If you have a cosigner, they will likely need to submit this information too.